THE IMPORTANCE OF REVIEWING YOUR WILL

Anne-Marie Worth, Solicitor, Mogers Drewett

AWill is never high on our list of priorities. After all, none of us wants to dwell on what would happen if we weren’t around but if the last few years have shown us anything it’s that life can certainly be unpredictable.

An out-of-date Will can often cause more problems than not having a Will. So, in order to protect your loved ones, it is vital that you regularly review your Will (the suggestion is every five years). The following reasons are reasons to revise your Will.

You had a family

If you have children, it is important to review your Will to ensure that it makes provision for your children in the event of your death.

Your financial circumstances have changed

If your financial circumstances have improved, this could alter the Inheritance Tax (IHT) liability of your estate.

You have married/divorced

Marriage automatically revokes your Will and therefore it is essential to update your Will as a newlywed.

Although divorce only revokes the clauses relating to your ex-spouse, you should review your Will to ensure that it is still valid to prevent your estate from being administered under the laws of intestacy.

You have moved in with your partner

Couples choosing to live together are much more vulnerable, as they don’t have any of the protections offered by law to married couples. If you move into your partner’s house, you may have no right to stay if they die. Reviewing your Will to ensure that it makes provision for your partner in the event of your death is important.

Changes in the law

Tax legislation is constantly changing and therefore it is important to review your Will in line with this.

An executor or beneficiary has died

If an executor or beneficiary named in your Will has died, it is important to ensure that your Will provides for a replacement executor to act or a substitute beneficiary to inherit.

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